The soaring price of bitcoin leads to a surge in miners’ Income: a single day’s income as high as $64 million

With the soaring price of bitcoin, the income of absenteeism is also rising. According to foreign media reports, with the price of bitcoin breaking through the $61000 mark recently, the income from absenteeism also increased, reaching an all-time high on March 18.

It is reported that although the price of bitcoin dropped after reaching a new high in February, it has reached a new high since March. On March 13, bitcoin hit the $60000 mark. On March 14, bitcoin prices continued to rise, breaking the $61000 mark for a time.

The soaring price of bitcoin leads to a surge in miners' Income: a single day's income as high as $64 million

With the soaring price of bitcoin, more and more people are mining. According to statistics from blockchain, on March 18, the global miners’ income was $64386000 (about 420 million yuan), which was also the highest one-day income for miners in history.

The price of bitcoin continues to rise, which not only leads to the increase of miners’ income, but also the whole industrial chain seems to be rising. It’s hard to get a mine card, even if you have money. Shares of bitcoin mining companies have also skyrocketed, with shares of Marathon digital holdings, for example, set to rise 800.

Bitcoin network generates new bitcoin through “mining”. In essence, the so-called “mining” is to use computers to solve a complex mathematical problem to ensure the consistency of bitcoin network distributed accounting system.

In addition, bitcoin network will automatically adjust the difficulty of mathematical problems, so that the whole network can get a qualified answer about every 10 minutes. Then bitcoin network will generate a certain amount of bitcoin as block reward to reward the person who gets the answer.

In 2009, when bitcoin was born, the block reward was 50 bitcoins. Ten minutes after its birth, the first batch of 50 bitcoins were generated. At this time, the total amount of money is 50, and then bitcoins grow at a rate of about 50 every 10 minutes.

When the total amount reaches 10.5 million (50% of 21 million), the block reward will be halved to 25. When the total amount reaches 15.75 million, the block awards will be further halved to 12.5, and the total number will be permanently limited to about 21 million.

The miners’ income comes from the block rewards they get when they successfully verify bitcoin, as well as the transaction costs on the network. Since block rewards are paid in bitcoin, their price is also a key factor in miners’ income.

As of March 21, data from coin central showed that there were 21 million bitcoins in total, and about 18.66 million bitcoins are currently in circulation. This means that only 2.34 million bitcoins have yet to be mined, worth about $133.1 billion at the current price of $56876.